Definition
This agreement establishes your relationship with a real estate agent and outlines compensation, term of representation, and the agent's duties to you.
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A buyer representation agreement (sometimes called a buyer broker agreement) establishes the relationship between the buyer and their agent. It specifies whether the buyer's agent will be compensated from the seller's proceeds or directly by the buyer, the term of representation, and the scope of the agent's duties. Some agreements include exclusivity clauses requiring the buyer to work exclusively with that agent during the term.
Pro Tip
Ensure your buyer rep agreement clearly specifies compensation and agent duties.
Example
The buyer signed a buyer rep agreement giving the agent 30 days of exclusive representation.